The Chartered Institute of Bankers of Nigeria has advised the Central Bank of Nigeria to implement policies that will effectively curb fraudulent transactions within the banking industry.
The institute also urged financial institutions to prioritise cyber security measures to safeguard their websites and protect customer information.
The Ogun State Chairman of CIBN, Isaac Arokun, made the call on Wednesday, during a debate organised for higher institutions in the state at as part of activities marking the Annual Bankers’ Week in the state.
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The competition attracted students from Federal Polytechnic, Ilaro, DS Adegbenro Polytechnic, Itori; Abraham Adesanya Polytechnic, Ijebu Igbo; Obabisi Onabanjo University, Ago Iwoye; Federal University of Agriculture, Abeokuta; and Gateway Polytechnic, Sapade.
Speaking to newsmen at the event, the Chairman stressed that the CBN, as the regulatory body, should formulate policies that prevent the occurrence of unauthorised access or fraudulent activities.
Arokun, who argued that most of the fraud in the banking sector is now electronic fraud, stressed that there should be many more cybersecurity measures to prevent the act, adding that such measures should discourage the prevalence of frivolous transactions.
To combat cyber threats effectively, Arokun also called on banks to develop robust and proactive cyber security policies.
He said, “The CBN can bring a lot of policies that will ensure that it does not allow frivolous transactions in the banking industry. CBN should also engage in advocacy and public enlightenment to ensure that policies that are put in place are explained to the people for them to protect their funds in the bank.
“They should also encourage banks to bring policies on cyber security so that they can protect their website and all the transactions passing through the banks should be secured to ensure that intruders are not invading personal information.”
The Federal Polytechnic Ilaro emerged as the top contender in the debate competition which focused on combating fraud in the banking industry.
Addressing participants earlier at the programme, Arokun said, “CBIN is very much interested in nurturing and developing the younger generation. I see in you the great men of tomorrow. Because of the advantage of your age, you have a tremendous opportunity to place your name on the world map.
“As you all know, the entire global economy is about going into the first industrial revolution and this time around, the first industrial revolution will be won by those with knowledge, that is those that can drive their economy with AI machines learning and other modern skills.
“So what I’m telling you is that the future is bright for you. Nigeria is already on the world map and so strives to become global champions. By the year 2050 Nigeria will be the most populous economy in the world and so we have the demographic advantage to become a global giant and that can only be done by you.”
(Punch)
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